科创板，七周年！

Core Insights - The Sci-Tech Innovation Board (STAR Market) has celebrated its seventh anniversary, having been established to support "hard technology" companies and deepen institutional reforms [1] - As of now, there are 592 listed companies on the STAR Market, raising a total of 934.6 billion yuan through IPOs and 208.8 billion yuan through refinancing, exceeding 1.1 trillion yuan in total [1] - The revenue and net profit of STAR Market companies have shown strong growth, with compound annual growth rates of 18% and 9% respectively over the past five years [1] Group 1: Institutional Support for Hard Technology - The STAR Market has created a multi-dimensional and inclusive listing system that supports the development of new productive forces, as evidenced by the recent listings of unprofitable companies [3] - Currently, there are 57 unprofitable companies listed on the STAR Market, with 22 of them achieving profitability [3] - The 35 companies in the STAR Market's growth tier reported a 35.09% year-on-year increase in revenue, while their net profit saw a reduction in losses by 57.24% [3] Group 2: Industry Cluster Effects - The STAR Market has fostered a demonstration and clustering effect in industries such as integrated circuits and biomedicine, creating a collaborative development matrix [6] - Over 120 integrated circuit companies are listed on the STAR Market, covering all aspects of the industry chain, which enhances the autonomy of China's integrated circuit sector [6] - Leading companies like SMIC have raised significant funds through IPOs, which not only support their own R&D but also drive the development of upstream and downstream enterprises [6] Group 3: R&D Investment and Innovation - The total R&D investment of STAR Market companies is projected to reach 168 billion yuan in 2024, which is over three times their net profit [7] - In the first three quarters of this year, R&D investment totaled 113.35 billion yuan, 2.6 times the net profit, with a year-on-year growth of 9.01% [7] - A significant number of STAR Market companies rank first globally or nationally in their respective fields, with over 30% of products or projects being innovative [7] Group 4: Capital Market Reforms - The STAR Market has served as a "testing ground" for capital market reforms, providing replicable experiences for other markets [9] - The implementation of the "1+6" reform measures aims to further enhance the STAR Market's role in supporting new productive forces and advancing high-level technological self-reliance [9] - The establishment of the growth tier has improved financing channels for high-quality technology companies, facilitating their growth [9]